Report outlines national mortgage settlement

Five U.S. banks have provided about $22 billion in mortgage relief to customers under a deal to settle borrowers' accusations over foreclosures, a report by the settlement's monitor said on Monday.

According to Reuters, the report said that Bank of America Corp., which owes the most, improved in providing first-lien mortgage modifications to customers, trailing only JPMorgan Chase & Co. through September.

Bank of America provided $889.2 million in first-lien modifications that reduced loan balances for consumers, a turnaround from August when the bank had completed none. JPMorgan Chase & Co.'s total was $903.1 million in modifications, the most of the five banks.

The report by Joseph Smith, the former North Carolina banking commissioner who is serving as the settlement's monitor, said the five banks together have provided about $22 billion in customer relief, up from $10.6 billion in August.

The banks reached the settlement in February with state and federal officials to resolve allegations of faulty foreclosures. The pact requires banks to provide around $20 billion of consumer relief by taking actions such as reducing loan balances for struggling borrowers and refinancing loans for customers whose homes are worth less than the value of their mortgages. Read more.